SSE-listed Companies Reported Yearly and Quarterly Growth in Q3 2025

As of October 31, all companies listed on the Shanghai Stock Exchange (SSE) have disclosed their Q3 2025 reports. Data shows that companies reported growth both year-on-year and quarter-on-quarter against headwinds, demonstrating a strong momentum in their business performance thanks to favorable macroeconomic policies.

I. Strong Q3 Performance Growth

In the first three quarters of 2025, companies listed on the SSE collectively reported operating revenue of RMB 37.58 trillion, a slight year-on-year increase; net profit reached RMB 3.79 trillion, up 4.5% year-on-year; and net profit attributable to shareholders after deducting non-recurring items totaled RMB 3.65 trillion, up 5.5% year-on-year.

By quarter, Q3 net profit and net profit after deducting non-recurring items grew 11.4% and 14.6% year-on-year, respectively, exceeding the Q2 growth rates by 10.8 and 14.3 percentage points, and increasing 16.9% and 19.2% quarter-on-quarter. Steady growth has led to the new trend of multiple dividend payouts within a year. A total of 501 companies announced semi-annual and Q3 dividend payout plans, with total cash dividends exceeding RMB 600 billion, up 3.3% year-on-year.

STAR Market companies maintain steady growth. 588 STAR Market companies (excluding SMIC and other 3 red-chip companies that are listed on multiple exchanges and expected to disclose Q3 reports by the end of November) collectively achieved operating revenue of RMB 1.01 trillion, up 6.6% year-on-year, maintaining growth since the inception of STAR Market. The median R&D-to-revenue ratio reached 12.4%. A number of companies made breakthroughs across various fields. Particularly, companies listed on the STAR Market Growth Tier, which are loss-making when listed, reported notable growth momentum. The 33 companies that have disclosed Q3 reports are increasing revenue and R&D investment while narrowing losses. They reported a 35.1% year-on-year increase in revenue, a 45.4% reduction in net losses, and a median R&D-to-revenue ratio of 44.3%.

Private enterprises' quarterly growth are accelerating. In the first three quarters, private enterprises saw year-on-year growth of 4.5% in revenue and 10.0% in net profit. By quarter, net profit growth rates for Q1 to Q3 were 0.4%, 12.3%, and 17.2%, respectively. Q3 growth accelerated by 4.9 percentage points quarter-on-quarter, showing particularly strong momentum. The cash-generating capacity of real-economy-based enterprises further strengthened. In the first three quarters, net cash flow from operating activities reached RMB 2.37 trillion, up 14.6% year-on-year, and the ratio of operating cash flow to net profit rose to 1.5. In particular, the operating cash flow growth of private real-economy-based enterprises exceeded the overall growth by 10.2 percentage points.

II. Steady Growth Driven by New Momentum

New quality productive forces become key growth driver. The modern industrial system is accelerating, with high-tech sector rapidly expanding. In the first three quarters, high-tech manufacturing and service sectors invested a total of RMB 229.6 billion in R&D, up 9% year-on-year. This strong R&D investment drove revenue and net profit growth of 10% and 19% year-on-year, respectively, with R&D's contribution to profit increasing by 3.4 percentage points. Artificial Intelligence (AI) has spurred growth in semiconductor industry: net profit in chip design and semiconductor equipment grew 82% and 25% year-on-year in the first three quarters, respectively. Domestic computing power gained market recognition, with Cambricon achieving a 24-fold increase in revenue and Hygon Information seeing revenue grow 55%. With continued iteration in embodied intelligence and AI, core component companies such as Moons' Electric and ORBBEC's net profits all increased year-on-year.

Key technology breakthroughs intensify. In the biopharmaceutical sector, companies listed on the SSE have facilitated approval of 26 Class 1 new drugs so far this year. HEALTHGEN BIOTECHNOLOGY's independently developed recombinant human albumin injection (rice-derived) received marketing approval, becoming the world's first Class 1 innovative drug produced from "rice-based hematopoiesis". In the high-end equipment sector, Kede Numerical Control realized large-scale domestic replacement of imported high-end five-axis machine tools in critical areas such as aerospace. Technological breakthroughs, including Zhenhua Heavy Industries' DP2-class ship dynamic positioning control system, have supported the development of smart ports. In the infrastructure sector, CRCHI's "Steel Backbone" tunneling machine secured a major breakthrough in engineering equipment. CRRC's CR450 high-speed train set demonstrated technological leadership, and Tunnel Engineering's independently developed world-first pipe jacking/shield tunneling integrated machine passed examination and successfully rolled off the production line. In the communications sector, Quantumctek completed the world's first mass production of a four-channel ultra-low-noise semiconductor single-photon detector, setting new world records in key performance indicators.

Industries shift towards intelligent and green upgrade. In the first three quarters, 4 major clean energy companies listed on the SSE generated a combined 439.2 billion kWh from hydro, wind, solar, and energy storage, up 5% year-on-year. Companies such as NARI, Sifang Automation, and Pinggao Electric achieved breakthroughs in relay protection and ultra-high-voltage switchgear, supporting the green transition of the energy system and driving net profit growth through high value-added product lines. The wind power equipment industry is focusing on large-scale and intelligent innovations. Ming Yang Smart Energy's offshore wind turbine orders above 16 MW now account for more than 30% of its total capacity. The basic chemical industry is pursuing green and circular development. Tongkun Group has built an internal circular industrial chain from energy to chemical fiber, reducing energy consumption through intelligent production lines, achieving a 54% year-on-year increase in net profit in the first three quarters.

III. New Consumption Potential Unleashed

New technologies, scenarios, and experiences are stimulating fresh consumer demand. Technology is driving consumption upgrades. Smart home experiences are upgrading, with Ecovacs' home service robot business maintaining high growth, achieving a 131% year-on-year increase in net profit in the first three quarters. Haier Smart Home has co-created multiple hit products in refrigeration and washing appliances with users, while its air conditioning and kitchen appliance segments expand rapidly, achieving a 15% year-on-year increase in net profit. Wearable intelligence is reshaping daily life. Huaqin Technology continues to consolidate its global advantage in smart terminal manufacturing, achieving over 50% year-on-year growth in both revenue and net profit in the first three quarters. Intelligent mobility is emerging as a new trend. In Q3, 5 passenger vehicle companies all achieved quarterly growth of over 10% in new energy vehicle sales, with SAIC Motor setting a record high for single-month NEV sales in September. Ninebot has built a differentiated competitive edge with its high-performance intelligent short-distance transportation products, and the increased share of electric motorcycle sales drove an 84% year-on-year increase in net profit in the first three quarters.

Basic consumption is combined with new business models. The food and beverage sector is tapping into multi-level consumer demand. Kuaijishan drives growth through both higher-end and youth-oriented strategies, with sales revenue of mid- to high-end yellow wine rising 20% year-on-year in the first three quarters. Home decoration and household products are undergoing renewal and upgrading. Shuixing Home Textile's large SKUs, such as ergonomic pillows, have promoted ecosystem-wide product extensions, with an "click-and-mortar" strategy driving double-digit growth in both revenue and net profit. SKSHU's "Instant Move-in" program, combined with its China-chic series of artistic paints, has accelerated high-end transformation on the retail front, achieving an 81% year-on-year increase in net profit in the first three quarters. Domestic cosmetic brands are tapping their growth potential. Proya has leveraged a multi-brand matrix and strong online channel marketing, ranking first in Tmall's beauty category since the start of the Double Eleven shopping festival.

Summer cultural and tourism consumption surges. Summer family trips and outbound travel have driven growth in the aviation and travel market, with airline and airport revenues in the third quarter increasing 21% quarter-on-quarter. China Eastern Airlines launched multiple new direct routes, with passenger capacity and passenger turnover rising 6% and 9% year-on-year in the third quarter, respectively. Tourism and hotel sectors experienced strong customer flows, with third-quarter revenue up 10% quarter-on-quarter. Fengyuzhu has expanded its digital cultural tourism business through a "cultural experience + digital consumption" model, achieving 46% year-on-year revenue growth in the third quarter. Domestic films led the summer box office boom. China Film's main production, Dead To Rights, became the top-grossing film of this summer season, with third-quarter revenue up 36% year-on-year. Shanghai Film's Chinese traditional aesthetic animation Nobody successfully validated the success of a full-chain business model of "content investment + distribution & screening + film merchandise", accelerating franchise commercialization.

IV. Early Results Seen from Anti-involution Measures

"Anti-involution" initiatives (efforts to push back against intense and destructive competition) are changing industrial structures. Traditional key industries are reshaping supply-demand balance. In the steel industry, efforts to stabilize capacity and adjust structure have driven a 550% year-on-year increase in net profit in the first three quarters, with gross margin rising 2.91 percentage points. Nanjing Iron & Steel steadily increased the proportion of high-end steel sales, incorporating multiple premium steel products in major international projects, and resulting in a 1.91 percentage point year-on-year increase in gross margin. Shandong Iron and Steel leveraged the Baosteel platform to advance bulk procurement, continuously improving purchase-sale price spreads, and registered the highest single-quarter net profit in nearly 11 quarters in Q3. In the cement industry, staggered production has been implemented, and product price recovery has improved. In the first three quarters, gross margins rose 2.95 percentage points year-on-year. Conch Cement and Huaxin Cement benefited from rising product prices and declining costs, achieving year-on-year net profit growth of 21% and 76%, respectively.

Photovoltaics and lithium batteries break through via innovation. In the photovoltaic sector, companies listed on the SSE are getting rid of the low-price trap and shifting toward technological iteration and global expansion. Prices for silicon materials and wafers have rebounded significantly. Tongwei substantially reduced losses both year-on-year and quarter-on-quarter in Q3, while Hoyuan Green Energy and Daqo New Energy returned to profitability in the third quarter. Solar cell and module companies including Longi Green Energy and Aiko Solar Energy leveraged Back Contact technology to turn losses around, achieving significant year-on-year loss reduction in the first three quarters. In the lithium battery sector, companies listed on the SSE have achieved cost reduction, efficiency improvement, and performance growth through process upgrades and product structure optimization. Huayou Cobalt, leveraging its integrated industrial chain, focused on high-end materials and increased the proportion of ultra-high-nickel NCM 9-series products to over 60%, with net profit up 40% year-on-year. Putailai closely aligned with downstream power and energy storage battery demand, steadily increasing the market share of its diaphragm coating business, achieving a 37% year-on-year increase in net profit.

V. Foreign Trade Showing Resilience

Diversified markets provide strong support for exports. Cargo import and export volumes continued to grow, with major ports delivering impressive results and maintaining the growth momentum seen in the first half of the year. In the first three quarters, leading port companies, including Ningbo Zhoushan Port, Shanghai International Port, and Qingdao Port, collectively handled 1.912 billion tons of cargo, up 5% year-on-year, and 107 million TEUs of containers, up 8% year-on-year. Among them, Shanghai International Port set a new single-day throughput record of 170,000 TEUs. New business models, such as cross-border e-commerce, have stimulated new foreign trade growth. The China Commodities City Global Digital Trade Center project was launched, forming strong industrial synergy with the Chinagoods platform and Yizhifu payment system, achieving a 49% year-on-year increase in net profit in the first three quarters.

New drivers of foreign trade continue to strengthen. The "New Three" of China's exports (Electric Vehicles, Lithium-ion Batteries and Photovoltaic Products) continued to perform well, with the new energy vehicle sector standing out. Leading automakers such as SAIC, GAC, and Great Wall saw their exports surge 71% year-on-year in the first three quarters. Yutong Bus exported new energy buses to nearly 60 countries and regions, achieving a 59% year-on-year increase in exports during the same period. High-end equipment exports are advancing rapidly. Shanghai Electric delivered the world's first ITER magnet cryogenic test Dewar, marking a new milestone in China's development of large-scale high-vacuum vessels. Electric Wind Power secured multiple wind power projects, including the 90 MW Olkook project, leveraging technological innovation to promote the globalization of the wind power industry. The core logic of innovative drug exports is being reshaped. The model is shifting from single-product licensing to co-development approaches, such as NewCo, which can create longer-term value. Since the beginning of this year, 5 NewCo deals have been completed by companies listed on the SSE, with a potential total transaction value approaching USD 8 billion. For example, Innocare Pharma reached a licensing agreement with Zenas, with a potential total transaction value of up to USD 2 billion. Hengrui Pharmaceuticals signed a licensing agreement with Braveheart Bio for the HRS-1893 project, with milestone payments potentially reaching USD 1.013 billion.

Diversified market structure is consolidated. Industrial cooperation with ASEAN countries continues to deepen. Leading tire manufacturers, including Zhongce Rubber, Linglong Tyre, and Sailun Group, have successively established factories in Cambodia, Thailand, Vietnam, and other Southeast Asian countries. Jack Technology's new "AMH2" smart sewing machine is driving a technological upgrade in the Southeast Asian garment industry, with net profit up 10% year-on-year in the first three quarters. LOPAL TECH's first-phase 30,000-ton lithium iron phosphate cathode material project in Indonesia began production at the beginning of the year and is now operating at full capacity with full sales. The Middle East market is steadily expanding. Central enterprises such as Power Construction and China Energy Engineering have successively announced major new energy project contracts in Saudi Arabia, with a total value exceeding RMB 30 billion. Dongfang Electric secured an approximately 1 GWh grid-side energy storage EPC contract in Abu Dhabi, marking a major breakthrough in the Middle Eastern battery energy storage system market.

VI. Reform Measures Quickly Implemented

The "STAR Market 1+6" and "STAR Market Eight Measures" reform packages are being rapidly implemented. Since the release of "STAR Market 1+6", 18 new IPO applications have been accepted, including four from unprofitable companies and two applying under the fifth set of standards. Moore Threads completed the process from acceptance to registration in just four months, and the first three newly registered companies in the STAR Market Growth Tier have already gone public. Since the release of the "STAR Market Eight Measures", nearly 150 new industrial mergers and acquisitions have been added, with around 90 new deals this year alone. The cumulative disclosed transaction value has reached approximately RMB 48 billion, including 46 major asset restructurings or securities issuance, with the number of transactions more than double the annual total prior to the release of the Eight Measures. Eleven STAR Market companies have applied for follow-on offering under the "light-asset, high-R&D" model, planning to raise nearly RMB 29 billion, with any amount exceeding the replenishment ratio dedicated entirely to R&D projects.

Since the release of the "M&A Six Measures", restructuring activity has increased significantly. In the first three quarters of 2025, companies listed on the SSE completed 602 new asset restructuring deals, including 76 major asset restructurings, up 117% year-on-year, with a total transaction value exceeding RMB 400 billion, far surpassing the same period last year. Xiangcai's acquisition of DZH and Hygon Information's acquisition of Dawning Information were disclosed, strengthening industrial integration. Songfa Ceramics leveraged asset restructuring to achieve a cross-industry transformation into shipbuilding and high-end equipment manufacturing. Original Advanced Compounds completed a cross-border share-swap acquisition of AAMI, marking the first such deal under the new Administrative Measures for Strategic Investments in Listed Companies by Foreign Investors. China Shenhua Energy disclosed a restructuring plan expected to qualify for the "2+5+5" simplified review process. Valuation standards, performance commitments, and tolerance for competition within the same industry have continuously improved. HHCK's acquisition of the industry-leading Hysol Huawei and SPIC Yuanda Environmental-Protection's acquisition of hydropower assets from its controlling shareholder were successfully completed.